-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
The executive directors decided to cut out funding for the only people who truly are dependent on transit? More borderline criminal mismanagement from the political animals running the RTA/CTA/Metra/Pace into the ground.
This defies logic. One ride per day means you can go somewhere but you can’t get home? TAP and RAP are alternatives to other available paratransit services. They provide subsidized UBER and taxi rides for $2 per trip up to the maximum subsidy of $30 per trip. Amounts over that are paid by the rider. The other services appear to have fixed routes and require the rider to get from their home to the regular “stop” of the route. This would seem to eliminate neighborhood trips for groceries, doctor appointments, etc. The decrease from 8 rides per day is probably… Read more »
RTA was created to bail out CTA. Usual protocol- take from disabled and the suburbs to give to Chicago. Chicago should fund CTA, not everyone else. Chicago mismanaged CTA. Time to clean it up.